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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

Brent crude oil, US wheat prices remain stable while silver price recovers​

​​​Brent crude oil, US wheat prices remain stable while silver price recovers​ as buyers step back into the precious metal market.​

Oil Source: Adobe images

​​Brent crude oil price sidelined

​The Brent crude oil price holds steady as oversupply eases Middle East escalation concerns.

​A rise above Monday’s front month futures contract high at 72.77 may put the 5 and 21 August lows at 74.97-to-75.24 on the map whereas a fall through last week’s 70.2 low would likely engage the 68.53 September low.

Brent crude oil chart Source: IT-Finance.com
Brent crude oil chart Source: IT-Finance.com

​Spot silver stabilises

​The spot silver price’s over 4% slip from last week’s $32.71 per troy ounce near 12-year high to Monday’s $30.89 low has been followed by a bounce off that low. While it underpins, the early June and July lows at $31.55-to-$31.75 may be revisited. Further up sist key resistance at the $32.51-to-$32.71 May and September peaks.

​Were support at $30.89 to give way, the $30.19 late August high may offer support, together with the psychological $30.00 mark.

Spot silver chart Source: IT-Finance.com
Spot silver chart Source: IT-Finance.com

​US wheat price still grapples with technical resistance

US wheat futures prices continue to oscillate around the 200-day simple moving average (SMA) at 590 whilst remaining below last week’s high, made at the psychological 600 mark. Together with the mid-September high at 602 it acts as resistance. If bettered, the 12 June low at 623.5 would be in focus.

​Minor support below Friday’s 582 low and Wednesday’s 580 trough can be spotted between the 9 and 19 September lows at 569-to-564.

US wheat chart Source: IT-Finance.com
US wheat chart Source: IT-Finance.com

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